As Gala Music continues to make waves in the music and tech industries, we are thrilled to announce a new phase of growth within our ecosystem. Today, we are excited to unveil significant updates to the $MUSIC tokenomics, introducing a more transparent, equitable, and dynamic model. These changes are designed to benefit all ecosystem participants, from artists and producers to fans and collectors. Let’s explore the key updates shaping the future of Gala Music!
Dynamic $MUSIC Emissions Based on Ecosystem Activity
In a significant departure from the previous bonding curve system based on redeeming new tracks, $MUSIC will now adopt a dynamic emissions model tied to ecosystem activity. Instead of relying solely on new track releases, the daily amount of $MUSIC emitted will be determined by the level of engagement across the platform.
The more active the ecosystem, the higher the daily emissions, with a maximum limit in place. Conversely, on days with lower activity, emissions will decrease, with a minimum cap to stabilize fluctuations. Emissions will be calculated using a 7-day rolling average to ensure stability, gradually tapering off as the ecosystem grows. This shift aims to bring more balance and sustainability to $MUSIC’s supply. Detailed information can be found in Section 3.4 of the whitepaper.
Once implemented, a new global $MUSIC distribution page on the platform will offer users a clear visualization of the updated system.
Standardizing Jukebox Node Rewards
Jukebox Node operators will now benefit from a more standardized rewards system. Moving forward, nodes meeting a minimum uptime of 20 hours per day will receive a share of daily rewards, eliminating the previous variability based on track performance and pairings. This change aims to make node rewards more predictable, tied to hosting availability rather than direct track hosting.
Users with more than 15 node slots will receive ecosystem support points and be eligible for additional rewards from the daily ESA pool. An updated Jukebox Node section on the Gala Music platform will reflect this change.
Removal of Track Rarities and Upgradability
In an effort to streamline the rewards system, $MUSIC is moving away from the Track Upgradability and rarity system (Editions). Track rewards will now be determined solely by popularity and circulation, removing arbitrary rarity-driven variations. This update creates a more equitable structure where success is based on actual engagement with music. Exclusive Tracks will still offer enhanced rewards to encourage the release of unique content on the platform.
These updates signify a forward-thinking approach to tokenomics within the Gala Music ecosystem, striving for sustainability, fairness, and enhanced community engagement. The future of $MUSIC promises greater transparency, deeper artist-fan connections, and decentralized growth. We are excited and grateful to have you on this journey with us.
Read the updated Gala Music Whitepaper
FAQs
Q: What is the main goal of the updates to $MUSIC tokenomics?
A: The updates aim to create a more transparent, equitable, and dynamic tokenomics model within the Gala Music ecosystem.
Q: How will $MUSIC emissions be determined moving forward?
A: $MUSIC emissions will now be based on ecosystem activity levels, with daily amounts tied to platform engagement.
Q: What changes are being made to Jukebox Node rewards?
A: Jukebox Node operators will now receive standardized rewards based on minimum uptime requirements, removing previous variability.
Q: Why is Gala Music moving away from Track Rarities and Upgradability?
A: The removal of Track Rarities and Upgradability aims to streamline the rewards system and focus on popularity and circulation for fairer rewards.
Q: How will these updates benefit Gala Music users?
A: The updates are designed to bring balance, sustainability, and enhanced engagement within the Gala Music ecosystem, providing a more rewarding experience for all participants.
Credit: news.gala.com
